GSK to buy US derma co Steifel for $2.9B+

19 April 2009

Only a few weeks after the US firm Stiefel Laboratories revealed that it is evaluating strategic options, including a sale (Marketletter March  30), UK drug giant GlaxoSmithKline has stepped in, announcing that they  have signed an agreement to create a new world-leading specialist  dermatology business.

Under the terms of the deal, GSK will acquire the total share capital of  Stiefel for a cash consideration of $2.9 billion. GSK also expects to  assume $400.0 million of net debt upon closing. A potential further  $300.0 million cash payment is contingent on future performance. The UK  firm's existing prescription dermatological products will be combined  with those of the US company and the new specialist global business will  operate under the Stiefel identity within the GSK group.

Deal re-energizes dermatology portfolio

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK



Companies featured in this story

More ones to watch >


Today's issue

Company Spotlight